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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.

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Almost Antagonism Gold Issue Persuasion Standard Towards Unite

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
ALAN GREENSPAN

Caution During Especially Past Price Regard Rise Sharp Two Warranted Year
The number one problem in today’s generation and economy is the lack of financial literacy.
ALAN GREENSPAN

Economy Financial Generation Lack Literacy Number Problem Today
Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
ALAN GREENSPAN

Come Idea Innovative Nobody Senator Unfortunately
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
ALAN GREENSPAN

Derivative Extraordinary Marketplace Over Useful Year
Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
ALAN GREENSPAN

Dominant Euphoria Fear Force Many Multiply Size
Fiat money in extremis is accepted by nobody. Gold is always accepted.
ALAN GREENSPAN

Accept Extremis Fiat God Money Nobody
Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
ALAN GREENSPAN

Confiscation Deficit Hide Scheme Simply Spend Wealth
Amateurs want to be right. Professionals want to make money.
ALAN GREENSPAN

Amateur Money Professional Right
Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
ALAN GREENSPAN

Asset Caution Consequence Debt Elevate Increase Investor Lowe Onset Premium Price Risk Value
History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN

Aftermath Dealt History Period Premium Protracted Risk
You can’t have the capitalist system if an increasing number of people think it is unjust.
ALAN GREENSPAN

Capitalist Increase Number People System Unjust
The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
ALAN GREENSPAN

Chosen Customer Effective Elsewhere Investor Propensity Skill Technical
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN

Among Configuration Market Occasionally Price Priest Some Succeed
To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
ALAN GREENSPAN

Basic Communication Education Foundation Importance Learn Solid Soon Succeed
The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN

Create Government Guild Prevent Purpose Rather Regulation Something
The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
ALAN GREENSPAN

Coin Consecutive Head Investor Million Percent Pick Probably Stock Ten Tosser

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